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. there were some who did. but you seem to be going with the defense that we've heard before, which is essentially, these were opinions, they might not have been good opinions, in fact, they were terrible, but nonetheless, that's all they were. fair to say? >> that's what they were. they were the opinions of s & p, reached at a committee level, cdo by cdo, and they were indeed identical opinions, if they had to be, with at least one other rating agency. because the cdos had three rating agencies on it. >> when the government says these were false representations on the part of s & p, they knew better and simply continued to do this because it was such a gravy train for them, notwithstanding $13 million in fees here, but larger case, what's your defense? >> the defense is that it's not true. the defense is that for all the internal debates, and for all the late night e-mails, the government read 20 million pages of e-mails, and you've seen the best that they can cull out of it is here, that for all of that, what was going on was an organization trying its best to come out with answer
in there. unclear whether they'll mount any sort of defense to this deal and say we want more. but something to watch closely. as for the deal itself, the biggest cable company in the world. about 25 million customers. i think bigger than comcast at this point. obviously a huge footprint with which to negotiate, not only with programmers, but the i.t. services and everything else. that's some of the synergy numbers we're talking about there. it's a typical john malone deal, one would argue, for this kind of environment, where investors seem willing to at least embrace a levered equity. there's john. levered equity story in what is a core market. free cash flow accretive right off the bad. shareholders own 36% of the combined company. you know, there's just a lot here. as i reported yesterday, they were back and forth for quite a long time, in part because the prices were moving all over the place. virgin media shares actually shot up. they broke apart. they were able to come back when liberty stock prices also started to follow up. look at that move up. how could you want more
see a sharp drop in federal defense spending and big inventory swing. those are factors that caused us to have a small negative gdp growth last quarter. i think particularly the federal defense spending is a harbinger of what might happen if the sequester takes effect. the cuts that no one wants to see happen, would restrain government activity, would be harmful for the economy. we'd like to have a smarter approach to relieve the sequester. >> so finally, in your view, was that just a taste of what another sequester could be like? >> well, as you know, the sequester hasn't started. and we have made proposals to congress to eliminate the sequester. the sequester can certainly have a significant impact on the economy. what we saw in the fourth quarter gdp report was just a big effect on defense spending. >> right. >> possibly advanced planning because of sequester by private contractors and other factors going on. the sequester would also affect nondefense spending, and that could also have a significant impact op the economy. >> dr. krueger, appreciate your time on a busy day, for you a
amendment expert in abrams is an insight into what their eventual legal defense will be? >> good question. their defense will rest heavily on the first amendment. their defense has always been that they simply provide public opinions and therefore they have a first amendment right to express those opinions without any accountability, without being answerable to anyone because they have that absolute right. so retaining an expert, a highly regarded and even renowned expert in this area, i think, is a clue to their defense. but that defense is diminishing in its strength because courts have held that, in fact, under the circumstances that they issue these opinions, the first amendment does not provide them with the kind of blanket absolute immunity that they have enjoyed, they claim. and so i think that they will eventually be held accountable. whether others will be sued, i can't really say because i don't speak for the department of justice. certainly if there is any equity, the others will be held accountable as well. and the strategy may be to go after s&p, the e-mails are devastating.
of strategists this year who are, i would say, aggressive to -- i mean, mixed in terms of their defensive nature regarding sector allocation, that they might step on the accelerator later on in the year once we get past some of the d.c. deadlines and go more cyclical, go more economically sensitive. would your advice be to err on the side of aggressive? >> i think it's -- there's no better time to do it than now. the reason is that, you know, i think the market looks through a lot of these events. what i'm focusing on is growth for the second half. and like i said, cap x, i think that's a strong theme. we're starting to see companies signal they're going to spend some capital. that translates into growth in the second half. why not buy these stocks while they're still cheap instead of waiting until they run up a little bit. that's my accepsense. i think the short-term move, it's a risky strategy, because the market could get ahead of you in that time that you wait. >> right. how about if you're looking for signs that this is all for real. should we expect the normal correlation between what equi
want to take it back now the defense? >> no i did run out of battery tweeting and problem blocksed you in tweeting, verizon problem. the whole thing was a great time. an iphone nightmare. >> a quick check -- a quick check, i should say i on research in moe motion or blackberry, since we are on the subject, trading higher once again, getting closer to the 52-week high mark. got an upgrade from wells fargo following the upgrade from bernstein earlier this week. last couple of new board members who are interesting figures. the former verizon cto and the former sony ericsson ceo join the board of blackberry. so, interesting -- this stock is having an amazing launch. >> i mean, they are -- the ceo days, they were regarded as being a company in canada, listening only to themselves, bring new people in. it is funny, luke apple and think all the companies that reported this quarter, three of them, great american company, grate innovation over time what do they do? immediately, they announced an even bigger buy back, raised that dividend, 3 m underperformed a bunch of years it has come back. >>
Search Results 0 to 5 of about 6